Statutory Audit
Comprehensive Statutory Audit Services in the UK: Ensuring Financial Compliance with Precision and Expertise
Does your company feel overwhelmed while handling the complexities of financial compliance? At Logiclyfts, we understand how stressful it is to stay compliant with UK GAAP and IFRS standards, so we’re here to offer a helping hand to our expert auditor team. Our comprehensive statutory audit service is designed to alleviate the burdens of compliance pressure, resource intensity, and the high costs typically associated with audits.
We understand that statutory audit prep disrupts your daily operation. But guess what? We are here to minimizeminimise these disruptions while letting you run your routine business operations with confidence. Integrating cutting-edge techniques and software solutions helps us streamline our financial statutory audit process and deliver an efficient and non-intrusive independent statutory audit review.
Our best statutory audit service providers know how stressful it is for your business to face the risk of adverse outcomes from an audit. So, we unlock our proactive audit strategies to ensure that all areas of non-compliance are identified and addressed before they become issues.
This preemptive approach enhances your company’s financial integrity and safeguards your reputation.
What is a Statutory Audit?
A statutory audit in the UK is a mandatory audit performed by a financial auditor to review the accuracy of a company or organisation’s financial records. Statutory financial auditors examine information such as financial transactions, accounting records, and financial transactions to ensure that an organisation provides a fair and accurate representation of its financial position.
Who needs a Statutory Audit in the UK?
In the UK, companies that meet two or more of the following criteria typically require a statutory audit:
- Annual turnover exceeding £10.2 million
- Total assets over £5.1 million
- More than 50 employees on average
Regardless of their size, some regulated industries and publicly traded companies also need UK statutory audit services.
Other reasons to get professional statutory audit and assurance services:
Audits for Financing and Investments
When banks or private investors are raising capital, they perform a statutory audit that provides robust validation of your financial statements and operations, reassuring potential financiers or investors about the health and viability of your business.
Winning Shareholder Confidence
Shareholders may request a company provide a statutory audit report, which serves as an unbiased view of the company's financial status and the effectiveness of its management. This report also reassures them of transparency and good governance, helping to maintain or boost their confidence in the business.
Strategic Business Movements: Mergers and Acquisitions
In the context of mergers or acquisitions, our external statutory audit service UK proves super practical as it ensures that the assets and liabilities taken over are as stated, safeguarding against potential financial discrepancies.
Operational Review: Health Checks and Internal Controls
Our comprehensive review statutory audit procedure is a strategic internal assessment tool. You can perform a health check on your organisation to identify strengths and weaknesses in your financial process and control system to improve operational efficiency and secure the financial integrity of your business.
Why Do You Need to Perform Statutory Audit?
Your company or organisation needs to conduct independent statutory audit reviews to ensure that your financial statements are accurate, free of misstatements or discrepancies, and compliant with UK audit standards such as UK GAAP or IFRS. This helps you gain trust and build a strong reputation among Investors, lenders, and governing bodies as they assess financial health and operational integrity through annual statutory audit reports.
Why Choose Our Financial Audit Services?
At logiclyft accountants, our audit approach is super efficient, value-driven and insightful.
Here are some benefits you can get from our financial statutory audit services in the UK: With our statutory audit service, you receive:
- Independent review of your financial statements
- Compliance assurance with UK accounting standards
- Identification of risk areas and recommendations for improvements
- A smooth and efficient audit process with minimal disruption
- Strengthen investor, lender, and stakeholder trust.
- Detect potential financial or operational risks before they escalate.
- Avoid penalties, errors, and compliance risks leading to financial losses.
Unlock the potential of your financial reporting with our expert statutory audit services. Contact us today to schedule a personalized consultation and see how we can help your business achieve compliance with confidence.
How We Perform Statutory Audit Compliance Check?
We follow a simple 6-step financial statutory audit process:
01
Tailored Business Understanding and Planning
The first step is to establish your audit's scope, objectives, and timeline. We handpick a team with strategically assembled expertise and experience tailored to your industry and business structure. This team creates custom audit plans per your business's unique business needs by examining the business's operations, systems, and controls.
02
Comprehensive Risk Assessment
Our expert teams perform in-depth analyses and evaluations of the business and financial environment to identify current and anticipated risks within your operational ecosystem. We understand the internal controls of the client’s business, anticipate industry-specific risks, and identify any change in the financial ecosystem that could impact financial statements.
03
Audit Evidence Gathering
Our audit team collects evidence by verifying transactions, checking the accuracy of financial records, and gathering information through audit techniques such as observation, inspection, inquiry, and confirmation.
04
Control Testing
Control tests are performed to assess your business’s internal controls' adequacy in preventing or detecting material misstatements. Our auditor team tests controls in financial reps, such as compliance and operations, to ensure they are functioning as intended.
05
Substantive Procedures
The next step is to perform a comprehensive test on a balanced level. This procedure involved detailed testing of transaction classes and account balances, analytical methods, and tests of details to detect material misstatements at the assertion level.
06
Statutory Audit Reports
The final step is to evaluate all the gathered evidence to reach an overall conclusion about financial statements. We compile our findings into a statutory audit report including our lead auditor’s opinion on compliance, accuracy, and fair view of financial statements.
Other Financial Audit Services We Provide:
We evaluate your financial records, internal controls, and compliance with grant agreements to ensure that funds are being managed appropriately, thereby increasing your credibility and eligibility for future funding.
We systematically evaluate your internal control systems, identifying potential vulnerabilities and providing actionable recommendations to strengthen your financial and operational frameworks.
We Offer the best value for the money by assessing your operations and financial practices for efficiency and effectiveness, helping you optimise resources, and implementing cost-effective strategies without compromising quality or service delivery.
We leverage our expertise in computerised accounting systems to offer tailored advice on selecting and implementing the most suitable accounting software for your business needs.
We help you develop comprehensive management reports and budgets that provide deep insights into your financial status, forecast future performance, and support effective planning and resource allocation.